Drinker Biddle & Reath has formed a firm-wide hedge funds task force to address the growing number of regulatory and litigation issues facing the asset management industry.
The firm, which lists a number of hedge funds and fund advisers among its clients, says the task force will be charged with advising their clients in light of the Securities and Exchange Commission’s continuing focus on regulating the hedge fund industry amid increasingly volatile credit markets.
Debra Patalkis, a partner in the firm’s Washington, D.C. office and a former assistant chief litigation counsel in the SEC’s Division of Enforcement, said in a news release, “The SEC has made clear that it is going to concentrate enforcement resources on the hedge fund industry in 2008. We want to anticipate how that is going to affect our clients and how they can be prepared for it.”
The task force will be composed of 15 attorneys from the firm’s D.C., Chicago, Philadelphia, and New York offices. It will combine their experience in investment management, securities litigation, corporate governance, corporate investigations, and white-collar crime law.
by Jeff Jeffrey